On-Board Magnetic Sensor Market Size, Share, Growth Analysis, By Sensor Type(Hall Effect Sensors, Magneto-resistive Sensors), By Magnetic Density(<1microgauss [Low Field Sensors], 1microgauss-10gauss [Earth Field Sensors] and >10gauss [Bias Magnetic Field Sensors]), By Application(Speed Sensing, Detection) - Industry Forecast 2024-2031

On-Board Magnetic Sensor Market size was valued at USD 1.5 billion in 2022 and is projected to grow from USD 1.62 billion in 2023 to reach USD 3.10 billion by 2031, growing at a CAGR of 8.40% in the forecast period (2024-2031).

Prominent industry participants are providing substantial research and development support to expand their product offerings, hence contributing to the further growth of the on-board magnetic sensor market. To increase their presence, market players are also engaging in a variety of strategic initiatives. Notable advancements in the industry include exclusive product releases, mergers and acquisitions, increased investments, contractual agreements, and cooperation with other organisations. By investing in research and development, major companies in the on-board magnetic sensor market, such as Austria Mikro Systeme (Austria), Asahi Kasei Microdevices Corporation (Japan), and Honeywell International Inc. (US), are hoping to increase market demand. 'Asahi Kasei Microdevices Corporation (Japan)', 'Austria Mikro Systeme (Austria)', 'HONEYWELL INTERNATIONAL INC. (US)', 'Infineon Technologies AG (Germany)', 'Kohshin Electric (Japan)', 'Melexis NV (Belgium)', 'Murata Manufacturing Co., Ltd. (Japan)', 'Sensitec GmbH (Germany)', 'TE Connectivity (Switzerland)', 'Austria Mikro Systeme (AMS) AG (Austria)', 'Sanken Electric (Japan)', 'NXP Semiconductors (Netherlands)', 'TDK Corp (Japan)'

Increase in Consumer Electronics Sector

The Evolution of Magnetic Sensors in Automotive Technology: Interesting advancements are occurring in the on-board magnetic sensor business due to technology and the increasing number of applications for magnetic sensors. One example is the necessity of magnetic sensors in automobiles. Numerous automotive systems, such as ADAS, ESC, navigation, and others, depend heavily on these sensors. Magnetic sensors for autonomous vehicles are in high demand as advancements in this technology as well as the growing popularity of electric vehicles (EVs). In high-tech automotive systems, these sensors are crucial for accurate component placement, detection, and control.

The growing use of applications where magnetic sensors are widely used, like anti-locking and anti-braking systems (ABS), will spur market expansion in North America, where it will dominate the on-board magnetic sensor market. In addition, the on-board magnetic sensor market in the US had the most market share, while the market in Canada was expanding at the quickest rate in the North American continent. Due to the expansion of the automobile sector in this region, Europe has the second-largest market share for on-board magnetic sensors. In addition, the UK on-board magnetic sensor market was increasing at the quickest rate in the European region, while the German on-board magnetic sensor market retained the greatest market share.